All Lena incentive programs are administered by the Village of Lena and are determined by a vote of the Village Board of trustees. Not all incentives are available to every applicant. Incentives will be catered to fit individual business needs.
Download the Economic Development packet to find out more about our community, incentives, schools and opportunities.
Property Tax Abatement
The Village of Lena is able to abate the Village portion of a businesses property tax. The amount and length of the abatement are negotiable.
Sales Tax Rebates
The recipient of this incentive is eligible for a certain percentage of business related redevelopment costs based on a percentage of sales tax generated by the business. The percentage amounts are negotiable.
Startup Cost Incentives
The program involves a waving of one or more Village startup fees to help defer the cost of initial development. The waved fees will be determined on a case by case basis depending on individual business plans and set goals and objectives of the developer.
Village of Lena Facade Program
The Village of Lena facade program offers a 50% reimbursement on facade renovations for businesses located in the TIF district. Lena has partnered with a local architecture firm to create a new look for Lena’s business community. Once facade designs are completed and approved the applicant will receive a 50% reimbursement on facade improvement expenses.
Lena Economic Development Corporation Low Interest Revolving Loan Program
The Lena Economic Development Corporation (LEDC) Low Interest Revolving Loan Fund (RLF) is intended to assist Lena businesses in their development needs. The RLF has been established to provide a source of financing for expanding, start-up and re-locating businesses. The RLF offers a low-interest option, 2 points below the prime rate, to qualifying businesses for assistance in the following:
- Retain and attract business that provide permanent jobs
- Assist businesses with the opportunity to expand
- Maximize investment within the Village
- Redevelop vacant and /or blighted land
- Promote sales and tax generating projects
- Provide assistance to businesses so they can maintain their current level of service
If you are interested in applying for the RLF, or would like to find out if your project qualifies contact Village Hall and speak with an economic development liaison.